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Artificial Intelligence will transform our economic future

The transformation before us is analogous to the Industrial Revolution. As machine automation took off in the middle of the 18th century, society moved from agricultural to industrialized. There were plenty of jobs, but they existed in cities. People moved there to work in factories or in the restaurants, banks, stores and hotels that supported the local spenders, said CIO.

As new ways of manufacturing and production are emerging, they are taking away an ever-increasing number of tasks and roles previously performed by a human labor force. Furthermore, the automation, self-improvement, self-replication and distributed nature of the manufacturing processes are producing products and goods at a minimal cost. As a result, each of these existing and emerging technologies, individually and collectively, will likely one day eliminate the need for human labor for production of goods and services—shaking the very fundamentals of economics as we know today.